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You take out an $8,000 car loan that calls for 48 monthly payments starting after 1 month at an APR of 10%. c. Now assume

You take out an $8,000 car loan that calls for 48 monthly payments starting after 1 month at an APR of 10%.

c. Now assume the payments are made in four annual year-end installments. What annual payment would have the same present value as the monthly payment you calculated? (Do not round intermediate calculations. Round your answer to 2 decimal places.)

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